EOS (EOS) is Nearing $16.00, Now 8th Most Valuable Cryptocurrency

EOS (EOS) is having a fantastic trading day. After briefly surpassing the $15.00 mark exactly seven days ago, it has since slumped back near the $8.00 mark – until today, that is. In the past 24 hours, the EOS coin has soared 48% higher to hit $15.71. That makes this cryptocurrency the 8th most valuable worldwide:

coinranking.com

The EOS price around 50 cents in October – so it has made some huge gains. But can this crypto coin, after nearing its peak price, continue to grow? Or will the swing cycle continue, and its price will plummet for approximately a week?

The EOS price path tells a foreboding tale

As you can see, below, the EOS price journey has gotten pretty rocky over the last 30 days. Check out this coin’s chart from the past month:

coinranking.com

The EOS coin was only able to stay over $15 for a very brief period. It ultimately fell. That’s a situation that this chart looks like it may be ramping up towards. What is it going to take for this coin to be pushed a few dollars higher?

What kind of technology is behind the EOS coin?

Similar to Cardano (ADA) and Ethereum (ETH), and a host of other top altcoins, the EOS coin is part of a network that supports the development of decentralized applications (dApps). But, unlike Bancor (BNT), which makes it easy for small-time ventures to launch a crowdsale, the EOS network is geared more toward large corporations.

This cryptocurrency also has a constitution, which all smart contracts must abide by.

On top of that, its scalability is lightyears beyond that of Ethereum’s. In fact, EOS is claiming that their system will be able to execute millions of transactions per second. And dApp launchers actually get to own a stake (in proportion) of the EOS network’s computational power.

Oh, and the EOS coin is still in its ICO – so there is a lot of price growth potential just based on that. But its price path may just be a repeat of what happened a week ago – a boost followed by a crash.

Have you bought any EOS (EOS) coins?

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Stephanie attended University of California Santa Barbara and graduated with a double-major in economics and communications. After working for an accounting firm as an analyst for two and a half years, she began freelancing – specializing in writing content for accounting blogs. After branching out into writing how-to guides and even whitepapers on personal finance and financial technology, Stephanie began writing on cryptocurrencies and blockchain technology. She has been personally buying crypto coins for almost two years, and has written blog content for the past year and a half.